‘The Role of the Executor’
Choosing an executor is one of the most important decisions you will make when preparing a will. So who makes an ideal executor?
- Someone that you trust to make the right decisions on your behalf.
- A person who is willing to be your executor. Don’t forget to ask for permission before you name someone.
- Someone who lives in the same area as you. Your executor has to live in the same province as you.
- A person who has experience managing money, dealing with financial institutions and is comfortable dealing with lawyers and accountants.
- Someone who can deal with your relatives and beneficiaries objectively.
- A person who knows when and how to get advice. Your executor doesn’t need to be an expert, however choose someone who will ask for help and advice when the situation calls for it.
Remember to appoint an alternate executor; an alternate executor covers the role of the executor if the primary executor is unable or unwilling to act on your behalf. It is very common to name a spouse as an executor, but it can be very emotional and difficult for a spouse to deal with those matters while dealing with the grieving process.
Have an open and candid discussion with your executor. Letting your executor clearly know of your final wishes will give you peace of mind. It also helps to ensure that your worldly assets are properly cared for, and that the most important people in your life are properly considered at an important time.
Cartile Financial Services Inc.